How can this still be an issue in 2024? I found a post from 2023 about this exact issue.
Wages & Income: W-2 error in block 14 code K should be: “K - Pretax Vision and Dental Deduction”
according to the Employee W-2 form.
And NOT:
“K – 20% excise tax – golden parachute” which in the 2022 Turbo tax program.
Still the same in 2023. In fact, for Box 14, Codes K, V, and Y were all interpreted incorrectly by TurboTax. Not only were they coded incorrectly, but if we hadn't caught the errors, we would have paid both federal and state income taxes instead of receiving refunds. Let the buyer beware.
FWIW, V was Pre-Tax FEHB Incentive not Nonstatutory stock options, and Y was Pre-Tax Flexible Spending Accounts not Deferrals under 409A nonqualified deferred comp plan.
Ugh. Come on TurboTax.
